IMO OIL COMPENSATION
December 1st, 2004
BY KEITH NUTHALLINCREASED compensation of up to US$1.152 billion for damage caused by serious oil spills will be made available from March 3 next year, when an International Oil Pollution Compensation Supplementary Fund comes into being. This follows the ratification of its founding protocol by Spain, fulfilling the minimum number of major oil importing states required for the formal creation of this International Maritime Organisation (IMO)-coordinated fund. Its establishment was agreed in 2003, largely at the behest of European Union (EU) countries, which have ...
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